Seventy-Five State Street
- Assets
- $19.1m
- Revenue
- $9.2m
- Investments
- $0.0
- Employees
- 190
- Location
- Portland, ME
- Founding
- 07/1942
- Data as of
- 12/2023
- EIN
- 01-0211791
Organization Overview
Seventy-Five State Street is located in Portland, ME. The organization was established in 1942. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Seventy-Five State Street employed 190 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seventy-Five State Street is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Seventy-Five State Street generated $9.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $8.7m during the year ending 12/2023. While expenses have increased by 4.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
RESIDENTIAL CARE FACILITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE A RESIDENTIAL CARE (67 BEDS) AND INDEPENDENT LIVING (88 APARTMENTS) FACILITY FOR THE ELDERLY IN THE CUMBERLAND COUNTY AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julia Redding Chair | OfficerTrustee | 4 | $0 |
Megan Walton Vice Chair | OfficerTrustee | 4 | $0 |
Mike Voisine Treasurer | OfficerTrustee | 4 | $0 |
Drew Anderson Secretary | OfficerTrustee | 4 | $0 |
Mary Lou Ciolfi Trustee | Trustee | 4 | $0 |
Ralph Cordes Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wright-ryan Construction Construction Services | 12/30/23 | $1,868,338 |
Avesta Housing Development Corp Management Services | 12/30/23 | $566,522 |
Rf Technologies Technology Services | 12/30/23 | $101,323 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $78,332 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $78,332 |
| Total Program Service Revenue | $9,014,833 |
| Investment income | $187,360 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$47,353 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,233,172 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $139,253 |
| Compensation of current officers, directors, key employees. | $139,253 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,958,232 |
| Pension plan accruals and contributions | $116,811 |
| Other employee benefits | $673,128 |
| Payroll taxes | $293,467 |
| Fees for services: Management | $176,285 |
| Fees for services: Legal | $4,152 |
| Fees for services: Accounting | $47,298 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,006 |
| Fees for services: Other | $111,955 |
| Advertising and promotion | $70,445 |
| Office expenses | $123,706 |
| Information technology | $130,831 |
| Royalties | $0 |
| Occupancy | $518,146 |
| Travel | $17,351 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $244,848 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $793,629 |
| Insurance | $50,433 |
| All other expenses | $0 |
| Total functional expenses | $8,693,728 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,068,368 |
| Savings and temporary cash investments | $4,854,350 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $92,995 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $37,373 |
| Net Land, buildings, and equipment | $8,848,893 |
| Investments—publicly traded securities | $4,077,683 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $70,398 |
| Total assets | $19,050,060 |
| Accounts payable and accrued expenses | $1,816,238 |
| Grants payable | $0 |
| Deferred revenue | $9,221 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $113,937 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,954,522 |
| Unsecured mortgages and notes payable | $1,268,748 |
| Other liabilities | $0 |
| Total liabilities | $10,162,666 |
| Net assets without donor restrictions | $7,715,861 |
| Net assets with donor restrictions | $1,171,533 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $19,050,060 |